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KARACHI: The Pakistan Stock Exchange (PSX) reached a new peak on Tuesday as it crossed the 54,000 barrier in hopes of a positive outcome from ongoing talks with the International Monetary Fund (IMF).
The KSE-100 index continued its bullish run for the third consecutive day and gained 417.69 or 0.78% during the intraday trading to reach at 54,278.05 points.
Pakistan-Kuwait Head of Research, Samiullah Tariq, told Geo.tv: “Expectations of monetary policy’s rate cut and the strong profitability of the companies are among the driving forces that shored up the KSE-100.”
The increase was also driven by the announcement of the general elections as investors hoped for the much-needed political stability in the country.
The IMF’s review mission is in Pakistan currently to complete the first review under the $3 billion loan programme and the possibility of releasing the second tranche of $700 million by the end of December 2023.
The tranche would go through if both sides can strike a staff-level agreement at the end of the talks.
A day earlier, the PSX had gained 737.33 points or 1.39% to close at 53,860.37 points.
More to follow…
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